Huntsman sells its India based DIY consumer adhesives business
Huntsman sells its India based Do-It-Yourself (DIY) consumer adhesives business, part of the Advanced Materials division, to Pidilite Industries.
Huntsman sells its DIY consumer adhesives business to Pidilite Industries. Image source: makuba – Fotolia.com (symbol image).
-Under the terms of the agreement Huntsman will receive approximately USD 257 million (EUR 217 million) in cash at closing and up to approximately USD 28 million (EUR 24 million) of additional cash under an earnout within 18 months if the business achieves sales revenue in-line with 2019.
“Next level of size and value”
Peter Huntsman, Chairman, President and CEO commented: “We have taken this business and built it from almost nothing to be a market leader in India. To take it to the next level of size and value, we simply do not have the footprint in India to do so. Pidilite is a respected leader in consumer adhesives within India and is in a better position to invest in and more aggressively grow this consumer DIY business over the coming years. We anticipate within the coming months that we will be able to deploy the proceeds from this asset and replace the lost EBITDA with other growth assets that fit even better within our core Advanced Materials specialty business.”
